By: NATHAN STUEDLE
St. Joseph Post
GRAINS:
May corn closed down 2 cents and December corn was down 3/4 cents. May soybeans closed down 2 1/4 cents and November soybeans were down 1 3/4 cents. May KC wheat closed down 1/2 cents, May Chicago wheat was up 1 cent, May Minneapolis wheat was up 2 1/2 cents.
FOR THE WEEK:
May corn closed down 8 cents and December corn was up 2 1/2 cents. May soybeans closed down 6 1/4 cents and November soybeans were up 7 cents. May KC wheat closed down 10 1/2 cents, May Chicago wheat was down 7 cents and May Minneapolis wheat was down 8 3/4 cents.
Chicago and Minneapolis wheat markets were able to build off Wednesday's strength to trade mostly higher yet again Thursday. Corn and Kansas City wheat faded off early highs to close out what was mostly a sideways to slightly lower week for price action with dwindling volume behind the trade as the week progressed. Soybean markets were slightly lower Thursday as May futures remained mostly stagnant this week, caught between chart resistance and support. Outside markets were on edge following Fed Chair Jerome Powell's comments on Wednesday that the Federal Reserve may face a difficult task in balancing tariff driven inflation with future rate decisions. Powell's comments drew the ire of President Trump, who said early Thursday that the Chair's termination "cannot come fast enough". The U.S. dollar inched higher on Thursday, attempting to post just its fourth higher session since the announcement of the reciprocal tariff policy on April 2. Energy markets were mostly positive, which provided strength to the vegetable oil complex, with soybean oil inching higher to close the week.
LIVESTOCK:
Live cattle complex traders are patiently waiting for this week's fed cash cattle trade to get underway, but that did not hold them back from pushing the live cattle contracts higher. There's a chance that the anticipation of this afternoon's Cattle on Feed report could derail some of trader's will to continue to drive the contracts higher, but at this point, that's not yet been the case. There are few bids on the table in parts of Nebraska at $208 live and $328 dressed, but still no cattle have traded. The South remains quiet without any bids having surfaced, but asking prices are noted at $208 to $210. At this point, trade could develop later this afternoon or potentially be delayed until Friday.
Again, the feeder cattle complex charged relentlessly into the noon hour, despite the fact that later on Thursday, the month's Cattle on Feed report was set for release. Given that the estimated values of which placements could be, there's a chance that some market hesitation could creep in, But all throughout Thursday's trade, the feeder cattle contracts willfully traded higher as bullish undertones continue to be the market's biggest theme.
The lean hog complex is leaned into Thursday's close fully higher and is very appreciative of the help of stronger pork cutout values late this week. It's rather impressive to note that this morning, not a single major cut was reported lower, but the belly does take today's cake with the highest day-over-day gain of $6.36.
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